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  FOX Business    Stossel    News/Business.  
   Current consumer issues.  

    September 4, 2012
    11:00 - 12:00am EDT  

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maybe my children or grandchildren will. there are so many of us, standing here tonight because of their sacrifices. their longing and steadfast love. time time and again, they swallow their fears and doubts and did what was hard. so today, when the challenges that we face are starting to seem overwhelming or even impossible, let us never forget that doing the impossible is the history of this nation. it is who we are as americans. it is how this country was built. [cheers] [applause] and if our parents and grandparents would toil and struggle for us, if they could
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raise beams beams of steel to the sky, send a man to the moon, connect the world with a touch of a button, then surely, can keep on sacrificing and building for our own kids and grandkids. if so many men and women could wear a uniform and sacrifice their lives for our fundamental rights, surely we can do our part as citizens to exercise those rights are surely we can get to the polls on election day and make our voices heard. [cheers] [applause] if farmers and blacksmith could win independence from an umpire,
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if immigrants could leave behind everything that they knew for a better life on our shores, if women could be dragged to jail for seeking to vote, if a generation of defeat could >> a preacher could reach us to the mound talk with his just to the mountaintop with a righteous dream, and a proud american can be who they are and boldly stand at the altar with who they love. [cheers and applause] surely, surely, we can get everyone in this country a fair chance of the great american dream. [cheers and applause] [chanting] because in the end more than anything else.
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that is the story of this country of unwavering hope and unyielding struggle. that is what made our story and so many other stories possible. i say all of this tonight. not just as first lady. as first lady or as a wife you see, at the end of the day, my most important title is still mother in chief. [cheers] [applause] my daughters are still the heart of my heart in the center of my world. but let me tell you that i have none of those worries from four years ago. about whether barack and i were doing what is best for us and
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our girls. if i truly want to leave a better world for my daughters and for all of our sons and daughters, if we want to give all of our children a foundation for their dreams, an opportunity that is worthy of their promise, if we want to give them that sense of limitless possibility, the belief that here in america, there is always something better here in america us something better if you are willing to work for it, then we must work like never before to keep moving the great country for.
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♪ ♪ neil: michele obama has proven that she has come a long way as a young wife of a junior senator. she knocked this house down. she articulated in a way that no other speaker did tonight >> and an amazing speech. trying to relate to people and of course, maybe subtle but mitt romney does not understand the ordinary problems of everyday americans.
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neil: is it fair to compare the spouse speech compared to ann romney? >> i would like to see them run against each other. neil: they are each more popular than there has been. >> she has to impact is saying, she is on the road it is the speech of the convention so far. neil:. neil: she is a powerful force but does it make her more likable? >> absolutely. people will say look at the results. neil: peter barnes?
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joe has a tough act to follow. even tomorrow? >> i agree. the first lady delivered on every note to talking about the family is personal history. the time back to public policy, advocating for health care reform reform, advocating for help on student loans for college students because they both struggled with student loans. i would agree this crowd is still hanging around for as they take it all when. neil: does this day look at what the spending has done
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for me and my husband? >> in the end, no. the speech was there very impressive but years from now we will remember obama's speech on thursday. but she made the case government helps people. neil: doesn't matter she sees her husband as everyday people? he is the rich guy and doing it for you? >> this is a very carefully crafted -- crafted speech. putting in the code words. you think about the president but nit romney. she knows how to play the camera very well. neil: she has grown in her
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own right to without a doubt. that will do it for tonight's coverage. now see what william jefferson clinton will do tomorrow he could say i of last successful democratic president. i raised taxes on the rich. it was okay under my stewardship. he also maybe speaking for his wife down the road. we could be cynical but the party rallies around its nominee. everybody else seems to falleves in line.s we will see you tomorrow.goals. big bill. preserve, and pass along their wealth. so their footsteps can help the next generation find their own path. all of us serving you. us bank
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>> these corporations act like a monarch with no pension and that or no retirement. no sick pay. john: protesters are furious. six out of 10 americans say government should reduce the gap between the less well
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off. my next guest is absurdly rich and he says that is okay. why? you feed off the public. >> is that okay to make money and through the investment firm? we discover rapid the when people do their job for the. john: explained that. you shuffle money around. >> banking, speculator everybody could be accused of shoveling money. there is an economic reason we have been around since the roman empire. we see what happens when prices are wrong. but free economy get price is far more accurate than if
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the government tells you or nobody tells you. they serve a vital function. they get the money to the right to parts of the economy at the right price. john: if you bet wrong you lose your money. >> the idea. not sending money after a bad idea. failure is every bit as important as success. john: the results of that is the income disparity. it is big and growing bigger. is it a buy it -- byproduct of freedom? as the stock market goes up you got filthy rich. >> there are studies out there.
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i eight an mfn of consumption equality. this stuff that we buy a is more equal than 50 years ago. 50 years ago the stuff that they bought was a lot different than middle-class and bill gates. john: even poor people have flush toilets and cars and what the keenness did not have. >> you would rather be a poor person. john: but the disparity feels unfair. >> americans have been willing to accept large amounts of inequality if there is those at the top did not cheat. if you think they have cheated to get their money. busy the exception not the
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rule. number two growth. this outside reward lead to more prosperity? over the 30 years there is evidence to say yes. the last one is mobility. can everyone have a shot to be that person? mobility has gone down it is harder to move out of your bracket. john: but not that much. one study followed family is 30 years 6% when from the bottom to the top. those born to the richest commas 61 percent fell out and the 9% went to the
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bottom. >> is rude to have more fax they and your guest. most people did not start there. i am sorry to break this to my dad i am not the son of a rich man. but to give up government benefits is not a good deal but we have not been rewarded the attempt to get off dependents. john: what about the morality? the "wall street journal" has an article on your home. 20,000 square feet. that is gross. it is excessive. >> did the article mentioned
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i have four kids board within a year and a half. >> let me talk about my tax rate. it is north of 50. what i do with what is left is my business. let's assume you make money. if you make $10 how does it get to your kids? after medicare and social security and investment income and the inheritance tax and i will sign on to the buffet rule. if he signs on the government does not get more than 70% if you add it up. taxes are necessary.
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some are too extreme. more than 70% is approaching fast. when people pay more than 70 that what is where immorality comes from. john: winnow the taxes to run the country but run the government. >> you are correcting me. i do not quibble with that. john: more of the evil both john: more of the evil both the severity. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy.
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john: my new book is about intuition leading us astray.
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public-school sore government run schools. people say they are one of the best parts of america. but the right schools and one of the worst. not because it is a monopoly and it does not educate but it is not the melting pot. today they are more racially segregated but people don't know that. one who does this patrick byrne. ceo of overstock.com. you call the school choice movement the civil-rights issue of the 20th century? >> if people are lourdes of inequality they should understand a lot of that is driven by education.
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this summer graduating with a bucket full of capital some have assembled a way to address it is inequality. john: we have more social stratification because you are assigned by your neighborhood not only do voucher programs bring that down but academic evidence showing the civic virtues is higher than average mean more tolerant, less racist showing how kids eat together in private schools they are more likely to eat
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lunch with each other. john: you are chairman for the freedman foundation he introduced the idea is of vouchers there have been 13 states passing 25 different voucher programs. even or today in arizona. john: the we see and that allows students statewide rated by their grades by accountability system. louisiana it is 4500 ridges a fraction but it is better than before. >> it covers the bottom 55%.
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>> 61,000. >> that is about 55%. a voucher program for the poor is the poor voucher program. we will take it as the start and within a few years there's enough data to show great demonstration. john: we get vouchers the schools compete, it is and their rich schools and they add inequity? chile has better schools but the people right because it is inequality separation between rich and poor and the young people hate to
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that. >> there are irrational preferences. the president was way up after rescuing the miners but now down because of the communist. >> chile -- chile still has the best educational system latin america. >> these are idiots. >> they are writing over irrational beliefs. but they introduced school choice. john: they did not get rid of it. you are rich but you argue you help the poor? >> we saved over $5,410,000,000,000. not caring account -- cancer but it is a nicestep. >> inequality you should be >> inequality you should be angry about. abigail higgins had...
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there is the injustice we should talk about. every year government takes billions and gives it to the richard -- riches. talking about social security and medicare. people love those. one columbia professor says they could mess. they allow the elderly a decent life but charles says liberals miss the big picture. >> getting bigger. the debt to. young people are struggling now to find part-time jobs but paid for social security and benefits of the retirees john: that is what they are supposed to do.
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>> bay paid today for the benefit of the standard of living. john: we have a graph people 65 and older net worth of 170,000 but 30 and under is less than 4,000. >> they are on the paying for future recipients but have been burdened with the hidden debt. john: let mark respond is make he make said good argument you will not disagree but the fundamental premise of course, those who are older have good greater net worth her but they have paid off their home.
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they have paid their mortgage. affidavit is a bit misleading. we are supposed to take care of the elderly. john: the numbers don't work. >> the argument to fix it. >> tax the rich. >> you cannot tax the enough there is not enough money. john: if you took all of the rich people's money it is not enough. >> i would not propose that. john: those politicians who say bay's the age get yelled at. >> it is not popular but you cannot just tax. does raising the age solve it? >> it prolongs it.
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it is all debt repudiation. the government saying we've treated it as a promise. it was not. john: previous politicians who did that. >> do you say social security as the idea is from? >> in the words with margaret thatcher with socialism you run out of other people's money. john: look at the workers. it was making sense in 1951 there were 16 workers for every retiree. >> what you say it is flawed in the execution for their
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recipient ratio. >> you don't say it is the idea but the functioning. >> how do restore prosperity? to destroy the economy and culture to inflate the way out? we lied. it is upon the scheme. then you can opt out. john: they say it changes people's attitudes to save them for themselves. >> that somebody else takes care of retirement benefits and health benefits. instead of proving the money we spend like crazy. the chinese had saved world-class record.
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john: day know better that they have to take care of themselves if it most people don't believe they have to to -- were card because the government will save them. >> u.s day they don't save enough. >> it does not matter by. >> u.s say they don't do it because of social security. it is not logical. >> they don't save because they don't have money. >> they have not invested the money you gave your money to your know good brother-in-law and he spent it. you said the retirement account says i have that but it is gone spin make you
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compare the united states to the know good brother? >> yes. you contribute all your life is not there. john: they said it is in insurance plan. they spend ii. >> we need of safety net to. >> i am 33 years old. >> i am group a.u. off. >> i am fine with that because i understand the value. hypothetically the reality is people's through their 80s and 90s we have to support. >> 3.6 million people per year entering that age of 65. becoming fully eligible and the money is not there.
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>> i am day baby-boomers. >> you should be bad. tell me why this is wrong. excuse me. i need at this. i will not give it back. not just to you. [laughter] >> this is generational socialism but i need to support people. john: it is cruel. >> i wish us back to america been prosperity but this is the new normal. >> we need to confront the situation.
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congress and people have to adjust and assets could be sold. >> put your 85 year-old father is in your living room. john: on that note. lamont hill. charles goyette. apparently americans are apparently americans are ready to make serious cuts want to try to crack it? yeah, that's the way to do it!
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i love you grandpa! i love you grandma! now you're a real fisherman. [ male announcer ] humana. [ slap! slap! slap! ] [ music, laughter stop ] [ male announcer ] when your favorite foods fight you, fight back fast with tums smoothies. so fast and smooth, you'll forget you had heartburn. ♪ tum tum tum tum tums [ male announcer ] tums smoothies. john. >> i resent the fact they think we are a great. wealth than the. >> democrats take highlighting the gap between the rich and poor wins the
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vote. people call it class warfare. >> if you say somebody get some way with something that is worse. but the reason and calling for higher taxes most people think they pay a smaller share of their and come and anybody else. they want to make sure everybody pays a fair share most people believe they pay less. >> part this skepticism. or if you are rich enough you can get to benefits.
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john: is some of this is true. >> but metal class pay more on the and come spectrum. those who think those of a clustered not pay the fair share. >> know more than 30% paying to all government. john: i pay over 50% right now. >> people underestimate how much they pay themselves. john: 53% don't pay federal income tax. >> class were fair of a different type. sales tax, estate tax and more opposed to the tax hikes and the upper income american because if you at
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the lower end every dollar matters. they are the core of the anti-tax movement the republicans are deceitful with income-tax? >> it used to be that was the big part of it. >> only 16% the today's children will be better off than their parents. >> we used to think it is bad economic times but now concerned something fundamentally is wrong. john: most people think they're congressman is on
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the take? >> most day they give to the politicians because they are afraid they will hurt them if they don't. legalized extortion. only one out of four people think it is the best for the job adjust voting for the lesser of two evils. john: combine means tested programs. i cannot believe that. social security is not means tested. 71 say it is too easy to collect the programs with
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those who are lower down and struggling get benefits. talk about social security people are open to ideas but they want to make sure they have the deal. people are willing for them to make a trade-off. make more later and pay less now. john: most to think if you want to work out of poverty you can. >> that is good news. john: the public is ahead of the politicians? >> they are on almost everything and through every american change.
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if you talk about it we have a budget crisis then you never get support. there is popular support. >> the budget crisis has gotten to people? >> people want to spend less >> it 12 come.
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i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there.
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john: the union protesters
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see the greedy side the rich get richer. the poor get poorer. that is not true. the rich get richer with the market not every year but now 20% richard and adjusted for inflation and does not in talk about the poor people have access medicine, computers and phones. the poor get richer. even most americans said they want government to reduce the wealth gap. government should take from the rich?
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and economic freedom vince crucial. but my life period your change. my media colleagues did not like me anymore. one said i hope you die soon. why? the tests and i thought he thought i was a conservative. that is like a child molester. i am a libertarian. homosexuality as wind. adults should be free to do anything that is peaceful. but they are most angry.
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why? because they make consumer reporter defending the free-market. did not like the term was a fair. did not like their results. i understand their anger but when government tries to fix it what does it do? talk about millionaires and billionaires pay their per-share government already takes half of the rich people's money. it is one fifth of what we want to spend. the debt to still goes up. taxing at 100% people would
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stop working. cuba, north korea reduce the gap by making everybody poor. the political elites have more. europe ltd. the wealth gap with social democracy but that means a rules and taxes. evicted by keep being a everybody poor. facebook developed year the same reason home depot, microsoft wal-mart happened here because we have economic freedom. because they are somewhat
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